Pinecone Systems Leases Office Space At 127 West 26th Street Chelsea Through LSL Advisors
127 West 26th Street
$52
$52/SF
Building Size
10,000 SF
Asset Type
Office
Closing
May 4, 2025
About this deal
AI
The property asset involved in this lease transaction is located at 127 West 26th Street in the Chelsea market of Manhattan. The asset is classified as office space with a total area of 10,000 square feet. The asking rent for this modified gross lease is set at $52 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $520,000
- Lease Type: Modified Gross Lease
- Landlord: Adam Justin - Justin Management
- Tenant: Pinecone Systems
- Landlord's Representative: Adam Justin
- Tenant's Representatives: Eric Siegel, Daniel Lolai, & Chery Anavian - LSL Advisors
This lease negotiation involved Adam Justin representing his interests as the landlord and the team of Eric Siegel, Daniel Lolai, and Chery Anavian representing Pinecone Systems as tenants. Their collaboration facilitated the closing of this lease agreement on May 5, 2025.
On the Map
$52
$52/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
305057.69%
Cash-on-Cash
-87186.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93